- 41 -
return, maintaining: “This rate of return would be highly
satisfactory to most equity investors.”9
2. Paul R. Dorf
Mr. Dorf is managing director of Compensation Resources,
Inc., which he describes as a human resources consulting firm
specializing in compensation consulting. He has 40 years of
human resources and compensation experience, including 10 years
in various positions as an executive with a number of
corporations and 25 years heading the executive compensation
consulting businesses of several major accounting and
actuarial/benefit consulting firms.
Mr. Dorf could not find any broker-dealers that were
reasonably comparable to petitioner. Mr. Dorf testified that, in
his research, he found no published surveys or publicly available
data with respect to companies similarly situated and of similar
size to petitioner. He testified that, although, private
companies similar to petitioner might exist, generally data on
such private companies is not available. He stated that, in the
absence of data on companies reasonably comparable to petitioner,
he would analyze the reasonableness of Mr. Wechsler’s
compensation on the basis of other factors in the multifactor
test used by the courts, the financial and other available
9 Mr. Matthews concedes that the compound growth rate fell
in fiscal 1999, but he states that it “recovered dramatically” in
2000.
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